Joint Venture Agreement To Develop And To Sell Residential Real Property printable pdf download

Joint Venture Agreement to Develop and to Sell Residential Real Property

Agreement made on the ___ day of __________, 20___, between _________, Inc., a

corporation organized and existing under the laws of the state of ______________, with its

principal office located at ______________________ (street address, city, county, state, zip

code), referred to herein as Developer, and _________________, Inc., a corporation organized

and existing under the laws of the state of ______________, with its principal office located at

_______________________ (street address, city, county, state, zip code), referred to herein as

Owner.

Whereas, Owner owns, free of any liens or encumbrances, a tract of land located at

________________________________ (street address, city, county, state, zip code), in the

County of ____________, State of ___________, more particularly described as follows:

(legal description)

Whereas, the tract is suitable for subdivision and development and Developer has the

experience, personnel, and equipment necessary for development of the tract; and

Whereas, the parties desire to form a joint venture for the development and sale of the

property according to the terms of this agreement; and

Now, therefore, for and in consideration of the mutual covenants contained in this

agreement, and other good and valuable consideration, the receipt and sufficiency of which is

hereby acknowledged, the parties agree as follows:

Scope and Description

The parties create a joint venture for the subdivision and development of the tract

identified above and subsequent sale of individual home sites and homes. The venture shall be

conducted under the name of __________________________ Company, and the principal office

of the venture will be at ________________________________ (street address, city, county,

state, zip code).

Contributions

Owner will contribute the described tract to the venture, which tract has an agreed value

of $____________. Developer will make an initial contribution of $____________ to provide

working capital for the venture, and will also contribute its expertise for carrying out the venture

to completion and supply all the equipment and machinery needed for the work, although

Developer will retain title to all such equipment and machinery. It is understood that additional

capital contributions will be required from time to time. Each party shall contribute one-half of

such additional capital until the aggregate capital reaches $_____________ . If additional funds

are needed thereafter, Owner may, but shall not be required to, supply up to one-half of such

additional funds. To the extent that additional sums contributed by Developer exceed those

contributed by Owner, the share of net profits to which Developer is entitled shall be increased

pursuant to the schedule attached to this agreement as Exhibit A.

Conduct of Venture

Joint Venture Agreement To Develop And To Sell Residential Real Property